Cryptocurrency Banks - What's the Endgame?

The Fed, the OCC and the FTIC issued a statement on January 3 that we talked about back in episode 106 when we were talking about these crypto banks. All the banking regulators basically came together to say cryptocurrency has these unusual risks. And so we're seeing kind of both of those effects here in Silvergate,. One, just the natural effect of losing that money when the FTX and Alameda collapsed. Two, how the further constraining of liquidity and their inability to recruit new cryptocurrency deposits left them in the midst of a bank run.